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Entries for Available for Sale and Trading Securities The following information is available for Barkley Company at December 31 2014 regarding its investments Securities Cost Fair Value

(Entries for vailable-fo -Sale and rading Securities) The following information is available for

Barkley Company at December 31, 2014, regarding its investments.

 

Securities

Cost

 

Fair Value

3,000 shares of Myers Corporation Common Stock

$40,000

 

$48,000

1,000 shares of Cole Incorporated Preferred Stock

25,000

 

22,000

 

$65,000

 

$70,000

 

Instructions

(a) epa e the adjusting entry (if any) for 2014, assuming the securities a e classified as trading.

(b) epa the adjusting entry (if any) for 2014, assuming the securities classified as available-

fo -sale.

(c) Discuss how the amounts eported in the financial statements fected by the entries in

(a) and (b).

Jun 18 2020 View more View Less

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